- Disease Insurance
- Medical Insurance
- Income Protection Insurance
Critical Illness Insurance Market size was valued at USD 120.2 billion in 2021, growing at a significant CAGR of 10.5% over 2022â€“2028. The growing elderly population and this group's high susceptibility to various chronic diseases are exp, expected to drive the market. Individuals aged 65 and up who are afflicted with a sickness usually require close monitoring and surgical operations. The elderly members of society cannot afford costly medical treatment and surgical procedures, and more extended hospital stays may act as a catalyst for market growth. The availability of numerous critical illness insurance coverages and the opportunity to select one promotes business growth. The vital illness insurance sector benefits from increased GDP and rising healthcare spending. According to the WHO's cancer profile 2020 report, global cancer incidence was 18.06 million in 2018, with 9.57 million deaths. As a result, the worldwide critical illness insurance market is likely to be driven by the rising prevalence of critical illness. A fundamental trend impacting the critical insurance market is a rise in critical conditions covered by critical illness insurance policies. Aside from cancer, stroke, coronary artery bypass, and heart attack, major insurance companies are working on expanding coverage for many new conditions such as Alzheimer's disease, multiple sclerosis, Parkinson's disease, and motor neuron diseases. The critical illness insurance has been gaining traction over the past two decades. Itâ€™s popular in Australia, the UK, and emerging countries. The rising number of baby boomers in the U.S. is the primary factor expected to impact the critical illness insurance market positively. Insurance is much attracted to middle-aged and old-aged people. Critical illness insurance covers cancer, heart attack, kidney failure, and stroke, core diseases. The surge in the geriatric population in China, India, Japan, and other countries, increased awareness levels expected to fuel the market shortly.
Fastest Growing Market
The rising prevalence of acute diseases is driving the worldwide critical illness insurance industry. Treatment for a critical illness such as cancer can be pretty expensive. Therefore, having critical illness insurance can help mitigate some of the financial load. With the increased need for critical illness insurance in the worldwide market, there will be good growth potential in the future. However, the worldwide critical insurance business is being held back by a lack of awareness regarding critical illness insurance. The majority of critical illness insurance comes standard with term plans. The majority of people are aware of life insurance plans, but few are aware of term insurance plans.
The critical illness insurance market growing at a CAGR of 6.0% during 2022-28
Aegon N.V., Allianz SE, Aviva plc, Axa S.A., China Life Insurance
Asia Pacific is the fastest-growing region for critical illness insurance market